Monday 14th March 2016Where I Can Find The Best Mortgage Brokers In Australia?
Are you looking to buy your very first home? Are you relocating and need to purchase a new house to move into? Or maybe you just want to invest on real estate properties? In any case, you will need a home loan to finance your purchase. However, choosing a mortgage is not just about picking out the bank that gives the lowest interest rate. It involves looking into other factors like the repayment period and eligibility criteria for example. With all the lenders all over Australia offering their lending products, comparing them and finding what would suit you is a Herculean task, especially if you have no background in the industry. Finding the right home loan is a far too complex process to do on your own.
Fortunately for you, financial service experts called mortgage brokers exist. Their goal? To make this whole business of securing a mortgage as easy and as hassle free as possible for buyers like you. Want to know more about mortgage brokers? By continuing to read on, you would learn the basic things you need to know about mortgage brokers – what they do, why they are important, what the qualities of a good mortgage broker are, and where to find the best ones in Australia.
What Does a Mortgage Broker in Australia Do?
A mortgage broker primarily acts as the middleman between you and the mortgage provider by dealing with the lenders and legwork on your behalf and by giving you all the information you need to make the decision.
So, how exactly do they do that? First off, a mortgage broker would gather information about you, to see which loans are you eligible for. He or she would take into consideration your needs and circumstances. Based on those, the broker would provide you with a variety of lending products from different lenders to choose from. The mortgage broker will not choose for you. They are just there to explain and compare all the best possible options that would suit your needs, help you out with the paperwork in the application process, and give you professional advice. In short, they take care of the heavy lifting, so you would save time and effort.
Why Do You Need the Best Mortgage Brokers in Australia?
You might think that paying an extra fee to hire a mortgage broker to do all those things above is unnecessary. If you have a lot of free time, you can just compare mortgages on the Internet or call up banks to deal with them directly. You could also ask friends and relatives who have prior experience with acquiring home loans for advice on which lending institutions offer the best products. However, hiring a mortgage broker would give you perks and benefits that you would not get if you decide to cut the middleman. Here are some of them.
● They work for you and not the lending institutions
This simply means that the best brokers would have your best interest at heart. Their priority is to search for the best home loan that is most appropriate for your needs, and they do this by providing you access to a wide range of products and going through the advantages and disadvantages of each option. Also, they have the responsibility to take care of you. They would give you bias-free advice and prevent you from getting into a mortgage that would eventually harm you financially. In a way, they serve as your protection against bad decisions.
● They have experience and connections to bring to the table
Having a mortgage broker who has been in the industry for years would ensure you that they understand home loans and the developments or fluctuations in the business. They would be able to explain to you in detail everything that you want and need to know about the whole home loan application process and give you reliable tips and advice.
The more experienced a broker is, the more resources and knowledge he or she can share with you. Years of being in the industry also allow them to establish connections and relationships with a broader range of lenders. Aside from being able to tell you the lender and product that would match your needs, they could also pull a few strings to speed up your application approval or cut you better deals and waive mortgage fees.
What Characteristics Do the Best Mortgage Brokers in Australia Have?
As with any other industry, mortgage brokers are greatly varied in terms of experience, skills and panel of lenders. What you need is the best mortgage broker if you want to secure the best possible home loan for your purchase. There are certain qualities that your broker has to have in order to be considered the best for you.
● Transparent and unambiguous. Great brokers disclose the fees they charge and openly discuss their commission with you from the beginning. They would also willingly tell you their track record, including the reasons why they prefer certain lenders and testimonials from previous clients. Knowing these things would put your mind at ease.
● Has access to a wide range of lenders. Logically, the more lenders the broker is accredited for, the more options he can offer you. However, more than just having a lot of lenders in their panel, they should all be reliable and reputable lending institutions.
● Licensed and accredited. Good brokers should be licensed and registered with ASIC (Australian Securities and Exchange Commission). They should also be members of the MFAA (Mortgage & Finance Association of Australia), the FBAA (Finance Brokers Association of Australia) and COSL (Credit Ombudsman Service Limited).
● Impressive track record. The best mortgage brokers have extensive knowledge and experience in the industry, so they are less likely to commit mistakes that could affect your loan application. Based on the testimonials of their clientele, you would have an idea if they could bring satisfactory services to you.
If you want to have the top brokers in the country, then 1300HomeLoan is the one you need. We have access to more than 200 experienced, professional and accredited brokers in Sydney, Canberra, Melbourne, Brisbane, Gold Coast, and Perth. By working with 1300HomeLoan mortgage brokers, you would not only save time and effort, but more importantly, you would save a whole lot of money.
Check out our website to learn more about the company and our brokers at www.1300homeloan.com.au. You can also get in touch with us through 1300-466-356 or firstname.lastname@example.org.